Is An Electric Car Tax Credit Worth It? #63
Have you considered purchasing an electric car? Have the cost savings and tax credits piqued your interest in the booming electric car industry? If you are interested in learning more about investing in electric cars, then this is the episode for you! Join me as I give you an overview of my research into electric cars and if they are really worth investing in. You’ll also want to make sure to check out the resources at the end of this post to continue your own research!
You will want to hear this episode if you are interested in...
Making a smart car decision [0:50]
Understanding how electric car tax credits [2:50]
Cars that qualify for the electric car tax credit [6:00]
Enjoying a lower car payment with leasing an electric car [8:00]
Fuel savings with an electric car [10:30]
Closing thoughts [14:30]
Electric car tax credits - are they worth it?
If you’ve been looking into getting an electric car, you’ve likely heard of a federal tax credit that comes along with the purchase of most electric vehicles. In short, a buyer of a new electric car can receive a federal tax credit between $2500 and $7500. The specific amount of your tax credit is determined by the capacity of the battery and the size of the vehicle. The expiration of this federal tax credit only comes when more than 200,000 electric cars from each manufacturer have been sold and used the credit - unfortunately - this rules out Tesla from consideration for tax credit purposes. To hear more about using the federal tax credit for electric vehicles to the fullest extent, make sure to listen to this episode!
Fuel savings from going electric
When most people think of the financial benefit of switching to an electric vehicle, their minds usually go to one area right away, fuel savings. Let's face it, gasoline prices are something most people would love to no longer be subject to - they fluctuate often and there aren’t many alternatives! So what are the real-world cost savings of switching to electric? According to Consumer Reports, “...a typical EV owner who does most of their fueling at home can expect to save an average of $800 to $1,000 a year on fueling costs over an equivalent gasoline-powered car.”
Join me on this episode as we touch on the topics of electric-car tax credits, leasing an electric car, fuel savings, and so much more - you don’t want to miss it!
Resources mentioned
https://www.edmunds.com/fuel-economy/the-ins-and-outs-of-electric-vehicle-tax-credits.html
https://www.cnet.com/roadshow/news/ev-tax-credits-congress-tesla-elon-musk/
https://www.motorbiscuit.com/how-much-does-it-cost-charge-tesla/